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Still, there’s a sustained, nationwide surge in housing demand, plus a crippling lack of inventory – and Rochester is hardly impervious to either of these historic trends. Cignarale noted signs of cooling off, including some propertiesappraising for lower than expected and once desperate buyers no longer waiving home inspections.
The unprecedented buyer demand of 2021 will likely be suppressed to some extent due to affordability concerns in some markets, and more housing inventory will most likely be available from both the existing homes and new construction segments.”. “Mortgage rates are expected to rise, but still remain attractive and reasonable.
They may no longer be required to get formal propertyappraisals—a change that could save them hundreds of dollars and speed up the closing process. A little-known change in requirements last year from mortgage giants Fannie Mae and Freddie Mac has made these waivers for traditional, in-person appraisals available.
They may no longer be required to get formal propertyappraisals—a change that could save them hundreds of dollars and speed up the closing process. A little-known change in requirements last year from mortgage giants Fannie Mae and Freddie Mac has made these waivers for traditional, in-person appraisals available.
I am working on an article on Hybrid Appraisals for the November issue of Appraisal Today. To me, the big issue is who is doing the inspections. Only appraisers do the appraisals. Most of the inspection training we receive as appraisers happens in the field. Inspection training was very good.
. ———————————————— Appraisal/Appraiser Bias Accusations Per a recent appraisersblogs post: removal of all appraisal bias propaganda from the official whitehouse.gov website. The refinance share of mortgage activity decreased to 37.1
That’s because scarce inventory is driving up prices, pushing many homes on the cusp over the seven-figure mark. This was the same process many of us underwent with the exterior-only (drive-by) inspections. If the appraiser does not see the interior of the dwelling, how could the appraisal be credible?
Some negative outcomes may include: Limitation of investigative propertyinspection, work scope, anomalies, and interaction with the lender client when unique situations arise. The largest constraint for many prospective homebuyers over the past year had been the lack of inventory. (Which is ‘average’ for this nice neighborhood.)
Excerpt: We continue to see claims alleging that the rural propertyappraiser failed to adequately identify or report details surrounding a water source. In one claim, the appraiser correctly noted that the property was serviced by a “private water well.” No inspections or appraisals? All cash and investors.
With the growth in for-sale inventory and signs that the economy remains strong, buyers have remained in the market even though rates have increased recently. the winding down of PAVE seems almost inevitable. percent,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
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